AirX Charter Secures $35M Series A to Grow Fleet
AirX Charter, a Malta International-based aviation company, has successfully closed its Series A funding round, raising approximately USD 35 million. This significant investment will enable AirX to acquire four additional aircraft, including a Challenger 850, Legacy 600s, and likely a Challenger 605, according to the company’s chairman, John Matthews.
The newly acquired aircraft are slated to undergo a comprehensive three-month programme of interior upgrades and repainting before officially joining the AirX fleet. These enhancements will ensure that the new additions meet the company’s high standards for comfort and performance, further strengthening AirX’s position in the competitive charter aviation market.
John Matthews emphasized the importance of this funding round, stating, “The funding reflects strong investor confidence in AirX’s growth trajectory, as we seek to capitalize on the increasing demand for charter services in our sector and our innovative business model.” He highlighted that the successful closure of Series A is a testament to the company’s robust strategy and market potential.
Looking ahead, AirX Charter is gearing up for a significantly larger Series B funding round, with discussions already underway with three potential funding partners. Matthews revealed that Series B, managed from New York, is set to open next week. “Early talks and high-level pilot discussions have generated significant interest,” he noted. “Four parties are interested in term sheet discussions before or shortly after the New Year, with commitments ranging from USD 90 million to USD 195 million.”
The primary objective of Series B is to provide AirX Charter with an additional 20 aircraft. This expansion aims to elevate the company’s annual revenue to EUR 550 million (approximately USD 578 million) and achieve an EBITDA of EUR 80 million (USD 84 million). Additionally, the funding will support the generation of over EUR 30 million (USD 31.5 million) in net cash annually.
Matthews also mentioned that AirX is receiving significant interest from major institutional players for debt raises. “We have the largest institutional players pitching for onboarding for the debt raises and are considering which path to take,” he explained. “This latest round of investment marks a pivotal moment for AirX as we continue to challenge established debt-fuelled players in the sector by focusing on operational and deployed capital efficiency.”
Currently, AirX Charter operates a fleet of 17 aircraft, including one A340-300, one B737-700 (BBJ), seven Challenger 850s, three Legacy 600s, and five Embraer Lineage 1000s, as per ch-aviation fleet data. A key aspect of AirX’s business model is its strategy of owning all its aircraft, which the company believes is crucial for maintaining control over operational efficiency and capital deployment.
The addition of four new aircraft will not only expand AirX’s fleet but also enhance its service offerings, allowing the company to meet the growing demand for premium charter services. With a strong foundation and substantial investor backing, AirX Charter is well-positioned to scale its operations and achieve its ambitious financial targets.
As AirX Charter continues to secure funding and expand its fleet, the company is set to reinforce its standing in the global aviation market. The successful Series A round and the promising outlook for Series B underscore AirX’s potential for sustained growth and its ability to deliver exceptional charter services to clients worldwide.
AirX Charter’s recent closure of a USD 35 million Series A funding round marks a significant milestone in the company’s expansion plans. With strategic investments in fleet enhancement and a clear vision for future growth, AirX is poised to capitalize on the increasing demand for charter aviation services, setting the stage for continued success in the competitive aviation industry.
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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com